First Digital Group Plans SPAC Merger to Go Public in New York

First Digital Group, the Hong Kong-based issuer of the FDUSD stablecoin, is set to go public through a merger with CSLM Digital Asset Acquisition Corp III, a SPAC listed on the New York Stock Exchange. The deal includes a private investment in public equity (PIPE) component, though specifics remain under negotiation. CSLM raised $230 million in its Nasdaq IPO last August.

The move comes amid a surge in crypto-related SPAC activity, fueled by favorable regulatory developments. The GENIUS Act, signed into law by President Trump in July, established the first federal framework for stablecoins, injecting momentum into the sector. SPAC deals in crypto have surpassed $10 billion in 2025.

Hong Kong has emerged as a hotspot for digital asset listings this year. HashKey Holdings cleared its HKEX hearing on December 1, targeting a $500 million raise. Bitkub, Thailand's leading exchange, is eyeing a $200 million Hong Kong IPO by 2026 after shelving domestic listing plans due to weak market conditions.

While the pace of crypto listings has accelerated globally, some issuers have delayed plans following recent market volatility. First Digital's SPAC merger represents a strategic bet on sustained institutional interest in blockchain-based financial infrastructure.